H.R. 1148 (112th): Stop Trading on Congressional Knowledge Act

Introduced:
Mar 17, 2011 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
See Instead:

S. 1903 (same title)
Referred to Committee — Nov 17, 2011

S. 1871 (same title)
Referred to Committee — Nov 15, 2011

Sponsor
Timothy Walz
Representative for Minnesota's 1st congressional district
Party
Democrat
Text
Read Text »
Last Updated
Mar 17, 2011
Length
18 pages
Related Bills
S. 1903 (Related)
Stop Trading on Congressional Knowledge Act

Referred to Committee
Last Action: Nov 17, 2011

S. 1871 (Related)
Stop Trading on Congressional Knowledge Act

Referred to Committee
Last Action: Nov 15, 2011

 
Status

This bill was introduced on March 17, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 17, 2011
Referred to Committee Mar 17, 2011
 
Full Title

To prohibit commodities and securities trading based on nonpublic information relating to Congress, to require additional reporting by Members and employees of Congress of securities transactions, and for other purposes.

Summary

No summaries available.

Cosponsors
286 cosponsors (187D, 99R) (show)
Committees

House Agriculture

General Farm Commodities and Risk Management

House Ethics

House Financial Services

House House Administration

House Rules

House Judiciary

The Constitution and Civil Justice

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

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Citation

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


3/29/2011--Introduced.
Stop Trading on Congressional Knowledge Act - Amends the Securities Exchange Act of 1934 and the Commodity Exchange Act to direct both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to prohibit purchase or sale of either securities, security-based swaps, or commodities for future delivery or swap by a person in possession of material nonpublic information regarding pending or prospective legislative action if the information was obtained:
(1) knowingly from a Member or employee of Congress,
(2) by reason of being a Member or employee of Congress, or
(3) from other federal employees and derived from their federal employment.
Amends the Code of Official Conduct of the Rules of the House of Representatives to prohibit any Member, officer, or employee of the House from disclosing material nonpublic information relating to any pending or prospective legislative action relating to any publicly-traded company or to any commodity if such person has reason to believe that the information will be used to buy or sell the securities of that publicly traded company or that commodity for future delivery based on such information.
Directs both the Committee on Agriculture and the Committee on Financial Services of the House of Representatives to hold hearings on the implementation by the CFTC and the SEC of such financial transaction prohibitions.
Amends the Ethics in Government Act of 1978 to require formal disclosure of certain securities and commodities futures transactions to either the Clerk of the House of Representatives or the Secretary of the Senate.
Amends the Lobbying Disclosure Act of 1995 to subject to its registration, reporting, and disclosure requirements, as well as requirements for identification of clients and covered legislative and executive officials, all political intelligence activities, contacts, firms, and consultants. Requires the Comptroller General to include political intelligence activities, contacts, firms, and consultants in its annual compliance audits and reports.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

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